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Nice write up Jamin! I was wondering if there was a source from where I could arrive at the LTV or ACV of various publicly listed SaaS companies. I have been trying for sometime now but Gross Retention data seems hard to find.

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Jamin - thanks for this great content. I'm curious, now that we're in January 2022 after a record calendar year of SaaS IPOs and a new "SaaS Crash", have the rule of thumb metrics for founders to look at for "IPOs ready" changed at all? I can probably figure this out by reading your individual S-1 benchmarking posts but would be interested to hear your perspective! -BB

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Really informative article, thank you Jamin. One question, if you say (as shown on the % subscription revenue graph) that Twilio's % subscription revenue is 100% but they have a high level of PS, how can it be 100%? Maybe I'm reading that wrong. But if subscription means "no people costs to deploy"... that would mean there would never be ANY direct sales engagement or PS?

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Do they have a high level of professional services? I was under the assumption it's mainly all usage based subscription. They mention in their quarterly filings that "We generate the substantial majority of our revenue from customers based on their usage of our software products."It's probably not exactly 100%, but since they don't break out the exact number and it's probably something in the high 90's anyway I'm just rounding up :) I'd be surprised if they had much PS revenue at all

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it would be great to combine this with data as some of these companies rose from through the ranks. What IPO companies looked like in the 3-5 years leading up to their IPO

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Would love to but that data is typically not made public

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This is an awesome piece! Looking forward to pt 2

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What are your thoughts on Splunk?

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